ASIC dismantles online fraud syndicate
The Australian Securities and Investments Commission (ASIC) has announced it brought to justice a 21-year-old woman from Melbourne in relation to an online fraud syndicate which resulted in alleged thefts from superannuation and share trading accounts.
The regulator, which was conducting investigations together with the Australian Federal Police (AFP), said the woman had worked as part of a syndicate which used fraudulently-obtained identities to commit large-scale online fraud such as alleged purchases from dark net marketplaces.
The investigation further uncovered at least 70 bank accounts which had been created with the help of fraudulently-obtained identities.
Also, ASIC and the AFP alleged the syndicate had committed cybercrime offences to illegally steal money from the superannuation accounts of these victims, and from their share-trading accounts in ASX-listed companies.
Further to this, the syndicate laundered the stolen funds through an overseas contact to purchase untraceable assets such as jewellery and it was believed the money was then transferred back to Australia through cryptocurrencies.
“The consequences of the breaches we have discovered are far-reaching, and can be traced back to cybercrime offences that impact everyday Australians,” AFP manager cyber crime operations, acting commander Chris Goldsmith, said.
“Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience,” added ASIC deputy chair, Daniel Crennan.
AUTHOR
Oksana Patron
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
